Open Banking has paved a new way for financial institutions as it provides consumers with greater control over the economic data and has simplified the procedure of viewing and managing their finances. The new regulation allows the customers to permit for banks to share the former's data with the third-party technology companies. Open Banking has therefore simplified the process wherein the customer can view their bank accounts through one provider's interface and make online payments directly from their bank accounts.
This move has provoked traditional banks to invest more in their IT infrastructure to keep up with their market competition and maintain relevance in the time of technological disruption. Therefore, traditional banks require a reliable platform that will empower them to take advantage of and coordinate the abilities of a cutting edge cloud platform which will in a general sense support the conveyance of an enhanced client experience while wiping out information excess.
Nowadays consumers want a seamless interaction with a company's products and services. The presentation of Open Banking has increased these 'liquid expectations' concerning monetary administrations, and clients currently expect the scope of engagement channel alternatives. A month to month bank statement sent via mail is not anymore adequate, for instance; clients now need to buy new items or initiate or change benefits inside a matter of minutes rather than days or weeks.
Traditional banks were operating in a regulated procedure for years wherein there was no competition. Therefore meeting such consumer demands would have put more pressure on the internal processes. For banks to benefit from the opportunity that Open Banking offers for an ordeal that puts the client first over every available channel which requires integration.
Each of the third party that has access to a client's account details, for instance, will commonly have their touchpoints or individual business forms, and these applications will tend not to be integrated. For sure, on account of conventional banks, many will be decades old and have no public APIs.
Integrations and Orchestration
An integration solution will bring together several modern applications and components that are important in meeting the client's needs and expectations. A front-end segment, for instance, exhibiting commitment channels, for example, Facebook, Twitter, web, email, and the phone will enable clients to contact their financial services supplier through their favored channel.
To guarantee banks and third parties alike convey an engaging in and customized client encounter, the solution ought to give a 360-degree perspective of the client, giving service agents all the data on that client and their connections with the financial service supplier in one place, regardless of whether those associations occurred on the web, via telephone, or by email.
Numerous banks and related third parties will have separate enterprises for dealing with customer care, and the arrangement and administration of new and existing products and services, each of which may utilize diverse channels and particular innovation frameworks. Thus, clients may feel as though they're managing three or four separate organizations as opposed to one single, coordinated element. By integrating many of these procedures, there will be an only source of data which will help make a consistent customer experience.
Open Banking has given clients more noteworthy control of their money-related services and at the same time an increased expectation for a seamless experience. If the financial services provider is planning to meet such expectations, they must make sure of not being hindered by legacy IT Infrastructure and must make the most of their agility, flexibility, and speed offered by the developments in cloud technology. Only if they implement a reliable integration platform, they will remain competitive, particularly in today's disruptive scenario.